It’s been a month since the war in the Middle East between Israel, the United States, and Iran.

So far, there are no clear winners.

From the Israeli perspective, the goal of regime change hasn’t materialized. The Islamic Republic still intact, still firing rockets, still capable of inflicting damage.

From the Iranian perspective, yes, they can claim they are “winning.” But winning what exactly? They are left ruling over a country with a collapsing currency and a population that is increasingly struggling to survive. It brings back memories of Iraq in 1991, when salaries that once sustained middle class lives became nearly worthless overnight.

Beyond the devastating human cost, there are other clear losers.

Lebanon. Already fragile, now further devastated. One of the highest death tolls, no meaningful change in the status quo, and any hope of investment or recovery slipping even further away.

Iraq: pretty much gone.

The Gulf. Long seen as islands of stability in a turbulent region. This war is a reminder that geography still matters. For countries trying to diversify away from oil, the message to global investors is clear: risk is back on the table.

Institutional capital will hesitate. Stability, once assumed, is now questioned.

At this moment, the outlook is more grim than optimistic.

But if there is one thing we know about the Middle East, it is this: things can change fast.

On a personal level, it has been a rough month, to say the least.